TRD Insights: Here’s what tenants pay at Related’s Bronx Terminal Market

first_imgRelated chairman Stephen Ross and Bronx Terminal Market (Getty, Google)As part of its proposal to pay off about $200 million in Israeli bonds that mature this fall, Related Companies has committed to buy back two properties next year from its bond-issuing subsidiary, if necessary.The two properties are an office condominium in Time Warner Center and the 900,000-square-foot Bronx Terminal Market power center in the South Bronx.While the coronavirus shuttered most retailers for months, the Bronx Terminal Market’s anchor tenants — BJ’s Wholesale Club, Home Depot and Target — were deemed “essential,” and remained open. That’s as the pandemic slammed New York City, with the Bronx among the hardest hit.Now, appraisal data filed with the Tel Aviv Stock Exchange reveals how much those three retailers and dozens of smaller tenants pay for space in the mall.ADVERTISEMENTThe three primary anchor tenants, each with over 100,000 square feet in the complex, pay a total of $12.7 million in rent per year, or about 40 percent of the total. Nine “junior anchors” contribute another $13.7 million in annual rent, and the 15 remaining tenants pay a total of $4.4 million annually.The appraisal also notes that Amazon recently inked a five-year lease for a vacant parking lot at the property, at $665,000 a year. A short-term license agreement with the Universal Hip Hop Museum — closed until Phase 4 of New York’s reopening — is also not reflected in the rent roll. (The museum plans to open at a separate Bronx Point location in 2023.)Target — whose rent is listed as a remarkably low $6.09 a foot — made an upfront prepayment of $46.4 million, or 75 percent of its rent for the 25-year term of the lease.BJ’s Wholesale Club, Home Depot, and Target are among those essential retailers that have seen significant growth in sales and revenue nationwide amid the pandemic, although these gains have been offset somewhat by increasing costs.The junior anchor tenants at the mall, meanwhile, have seen less positive results. Bed Bath & Beyond saw a 49-percent drop in overall sales in the latest quarter, and says it plans to close 200 stores across the U.S. for good. Chuck E. Cheese’s parent company, CEC Entertainment, filed for bankruptcy last month.Related built the Bronx Terminal Market, formerly known as the Gateway Center, in 2009 for a reported $360 million — along with $2.6 million in Brownfields tax credits. Related’s Israeli bond-issuing subsidiary, Related Commercial Portfolio, owns a 41 percent stake in the property, while an entity known as BTM Strategic Development Partners LLC owns about 50 percent. TagsBronxRelated CompaniesRetailTRD Insights Share via Shortlinkcenter_img Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlinklast_img read more

Suspects behind thwarted kidnapping plot are ‘domestic terrorists,’ Michigan governor says

first_imgMichigan Gov. Gretchen Whitmer appears on “Good Morning America,” Oct. 9, 2020. – (ABC News)By KENDALL KARSON, ABC News(NEW YORK) — Michigan Gov. Gretchen Whitmer urged for the conspirators behind the foiled kidnapping plot that allegedly targeted her to be called “domestic terrorists,” likening the months-long plan to ISIS.“It wasn’t simply to kidnap. It was to put me on a trial or some sort and possibly execute me,” she said on The View on Tuesday. “That’s the kind of thing you expect to hear from a group like ISIS. That’s why when people refer to them as militias, we have to call them out as what they are, domestic terrorists.”The first-term governor pivoted to casting a rejection of violent extremist groups as a reflection of the choice on November’s ballot, without ever mentioning President Donald Trump by name.“There are those who use their platforms to stoke and incite and give comfort to these groups. That’s not acceptable,” she said. “That’s one of the things that’s at stake in this election in three weeks. We have a choice between someone who has done that or someone who is a deeply human, kind person who reached out, a deeply decent person like Joe Biden.”During a press conference last week, a visibly angry Whitmer lashed out at Trump for “stoking” hate and called the suspects “sick and depraved men.”Whitmer said she was “not surprised” by Trump later continuing to criticize her over Twitter in the hours after the FBI announced the charges against the men.“This is a moment where leaders can call out evil intent and plot like one that’s unprecedented to take out a sitting governor. Shouldn’t matter what side of the aisle that governor sits on,” she said. “It was an opportunity to say ‘how are you? How is your family? We care about you. We may not agree, but we care about you.’ That’s the decent thing to do. That’s not what happened. It’s a stark reminder of the character in our nation.”Further underscoring the stakes of the fast-approaching election, she contended that it will “impact everything.”“From health care in Michigan,” she said, “it’s going to impact our autonomy over our bodies, the LGBTQ community. It will have ramifications for generations of Americans. That’s why we have to vote.”Last week, the U.S. Department of Justice announced charges against six men in Michigan allegedly involved in a plot to kidnap the Democratic governor and violently overthrow the state’s government before November’s election.On Tuesday, prosecutors said the suspects discussed also kidnapping Virginia Gov. Ralph Northam over his COVID-19 restrictions.Michigan’s state capitol has been at the center of a number of protests by right-wing activists, some armed, in the weeks and months after Whitmer enforced a strict lockdown in the spring in response to the coronavirus pandemic.Although Michigan was one of the hardest-hit states in the early months of the outbreak, her far-reaching response drew criticism by state Republicans and protesters for being too restrictive. But Whitmer has held firm in her handling of the pandemic, saying on Tuesday that she wouldn’t have acted differently.“Studies have shown the actions we took saved thousands of Michigan lives. I sleep at night knowing what we did saved people in this state,” she said.In the early months of the virus, her administration served as a counterpoint to the White House’s fumbled response, landing Whitmer in Trump’s crosshairs and labeling her “that woman from Michigan.”The FBI said it first learned of the suspects’ plot early this year and began embedding confidential sources and undercover agents to monitor their activities.Adam Fox, Barry Croft, Ty Garbin, Kaleb Franks, Daniel Harris and Brandon Caserta started planning to take Whitmer and others hostage at the Michigan State Capitol in Lansing, according to the criminal complaint, and planned to blow up a bridge and allegedly intended to hold Whitmer for a trial and then execute her. The men went to the governor’s vacation home on two separate occasions in August and September to conduct surveillance, the complaint said.Investigators said several of the suspects were among those protesting the state’s lockdown.Copyright © 2020, ABC Audio. All rights reserved.last_img read more

Danish Olympic dreams are dead: We are extremely dissapointed

first_imgClick to comment Related Items:Klavs Bruun Jorgensen Danish girls too weak for France: They showed who is world champion Recommended for you ShareTweetShareShareEmailCommentsThree times Olympic winners, team of Denmark, won’t have even a chance to play at the Olympic qualification tournament in March next year.The team coached by Klavs Bruun Jorgensen won the ninth place at the end of Women’s World Championship 2019 in Japan, which put them out of chances for Tokyo. The Danish girls played 29:29 against Serbia in decisive match, with received goal few seconds before the final buzzer.This will be the second time in a row that Denmark won’t participate at Olympics, the tournament they won three times in a row between 1996 and 2004.“We had a chance to win against Serbia, but we threw away all our chances. Obviously, we are very dissapointed”, said Danish coach after the last match of Main Round.The worst way to finish Olympic cycle for the nation which media invest the most in following the women’s handball events. ShareTweetShareShareEmail Leave a Reply Cancel replyYour email address will not be published.Comment Name Email Website Save my name, email, and website in this browser for the next time I comment.last_img read more

Double anniversary marked for Peter Godward and Irizar UK

first_imgUp-market Essex operator Peter Godward Coaches is celebrating a double anniversary with Irizar: 2017 marks 50 years of coach operation for the Godward family, and the second of two new i6 Integrals that they have taken this year is the 300th Irizar integral to be delivered to the UK.G & G Coaches, as it was then, was established in autumn 1967 by Peter Godward and his father; initially using just a single Bedford OB Coach. The company was rebranded as Peter Godward Coaches after the passing of Mr Godward Senior, and is now run by Peter and his son John.The company was an early adopter of the Irizar Integral product, taking two of the first to arrive in the UK five years ago, and the Spanish manufacturer’s products now make up the overwhelming majority of the Basildon-based fleet.John Godward says: “We carry out a large and eclectic range of work here, including private hire, contracts, day excursions, corporate travel, rail replacements, airport diversions and our own holiday programme.“Our coaches travel all over the UK and Europe and beyond on a regular basis, but equally do a lot of work running in and out of London.“Environmental issues are also at the forefront. The London Low Emission Zone deadline of 2019 is getting ever closer, and it’s important for us to get as many Euro 6 coaches on the fleet as possible.The latest i6 integrals are 12.2m 49-seaters. To suit the multiplicity of roles they will undertake, equipment includes a driver’s bunk, CCTV, a drinks machine and under-seat USB charging-points plus an inverter.Older Irizar-built vehicles were taken in part-exchange for the new arrivals, which are planned to remain in the fleet for up to eight years.last_img read more

BBB getting reports of social media charity ads that are scams

first_img WhatsApp Pinterest Previous articleIndiana State Trooper saves choking driver in Lake CountyNext articleMan arrested after allegedly entering home, striking man with tire iron Sunday Tommie Lee WhatsApp Facebook Pinterest Google+ By Tommie Lee – September 25, 2019 0 348 (Photo supplied/Indiana News Service) The Better Business Bureau says there are a number of charity scams that appear to be sincere fundraising attempts.Many of them appear as ads on Facebook and Instagram, as well as other social media websites. Marjorie Stephens with the BBB says there are ways to avoid these pitfalls online when you want to donate to a worthy cause.You can hear Marjorie’s tips by clicking here. IndianaLocalNationalSouth Bend Market Twitter BBB getting reports of social media charity ads that are scams Google+ Twitter Facebooklast_img read more

Go Fas Racing forms alliance with Stewart-Haas Racing for 2020 Cup Series season

first_imgMOORESVILLE, N.C. (Nov. 1, 2019) — Starting with the 2020 NASCAR Cup Series season, Go Fas Racing (GFR) will enter into a technical alliance with Stewart-Haas Racing (SHR), one of Ford’s most competitive organizations.GFR team-owner Archie St. Hilaire has been preparing for the opportunity to take his organization to the next level since the team’s first full-time season in the NASCAR Cup Series in 2014.“2020 will be an exciting year at GFR with the addition of SHR cars and their technical assistance,” St. Hilaire said. “I can’t thank all of the great people at SHR for the opportunity to align with them. All of this couldn’t happen without the help of our wonderful sponsors and marketing partners. GFR has improved every year in our six years in the NASCAR Cup Series and I believe that the best is yet to come for this little team and our great group of employees.”Via this new alliance with SHR, GFR will be provided with chassis, data and technical support for the No. 32 Ford Mustang in addition to their present relationship with Ford Performance and Roush Yates Engines.“This arrangement will allow Go Fas Racing to improve its performance in 2020 and position itself for future growth,” said Greg Zipadelli, Vice President of Competition for SHR.To date, St. Hilaire has more than 200 NASCAR Cup Series starts under his leadership, giving a wide array of drivers the opportunity to compete at NASCAR’s level, including past champions.2020 driver negotiations are still ongoing.last_img read more

Triple the Fun! Watch Samantha Barks Nail Three Musical Numbers in Chicago at the Hollywood Bowl

first_imgSamantha Barks’ impressive performance as Eponine in the musical adaptation of Les Miserables was no fluke: The British-born actress thrilled Hollywood Bowl audiences over the weekend with her sassy star turn as Velma Kelly in Chicago. Click below to watch Barks in action leading the company in “All That Jazz” and “Cell Block Tango” and sharing a hilarious duet of “Class” with an unrecognizable Lucy Lawless as Matron “Mama” Morton. Wish we’d been there to see Brooke Shields’ production in person! View Commentslast_img read more

Go Inside the Bloody Good Opening Night of Scotland, PA

first_imgCongratulations, Scotland, PA! The drive-thru is open and so is Scotland, PA! The musical opened on October 23 at the Laura Pels Theatre and is based on the 2001 cult film of the same name, which is a retelling of Shakespeare’s Macbeth. With original music by Adam Gwon, a book by Michael Mitnick and direction by Lonny Price, the new work tells the story of Mac and Pat and how far they’ll go to get what they want. Starring Ryan McCartan, Taylor Iman Jones and Jay Armstrong Johnson, this dark comedic re-telling of Shakespeare’s Scottish play is a must-see. Check out the photos below of the cast and creative team celebrating opening night, and be sure to book your own visit to this Pennsylvania town. Related Shows View Comments Star Files Composer/lyricist Adam Gwon with bookwriter Michael Mitnick and director Lonny Price. Scotland, PAcenter_img Jay Armstrong Johnson Ryan McCartan and Taylor Iman Jones (Photos: Emilio Madrid for Show Closed This production ended its run on Dec. 8, 2019 Taylor Iman Jones Ryan McCartanlast_img read more

A good spring still leaves revenues short $180M for FY21

first_imgFrom top left, Economist Jeff Carr, Senator Ann Cummings, Economist Tom Kavet, Representative Janet Ancel, Senator Jane Kitchel, Governor Phil Scott, and Representative Kitty Toll. Screen Timothy McQuiston, Vermont Business Magazine The good news as far as state tax revenues are concerned is that the strong 2019 economy coupled with tax changes resulted in a windfall of revenues. The bad news is nearly everything else going forward. The three major funds (General, Transportation and Education) are expected to generate about $274.5 million less (-11.2 percent) than anticipated.Economists Jeff Carr on behalf of the Scott Administration and Tom Kavet on behalf of the Legislature presented their updated, consensus state revenue projections to the Emergency Board Wednesday afternoon via Zoom.For those looking for some silver lining, they expect modest population growth and a noticeable increase in home prices, as out-of-staters don’t exactly zoom to Vermont but at least social distance themselves here to some degree permanently.The good news for state revenues was presented by Finance Commissioner Adam Greshin, who said — sticking with the meteorological theme – that the FY20 personal income tax revenues are letting the state enter the FY21 budget process with “the wind at our backs” given the unexpected level of payments that came in by the end June.While Governor Scott lamented as to “what could have been” record revenues, Greshin pointed out that the state’s significant surplus heading into the new fiscal year is about $130 million.Greshin said this was aided by a carry-forward of $60 million of unspent funds, which was about three times what the state otherwise might expect. The state spent less on everything from state parks being closed to travel being limited.Greshin also mentioned that the state took early action during the pandemic with a budget adjustment that raised $84 million to help offset losses.The revenue impacts of the current forecast relative to January 2020 forecasts is usually updated in July. But because of the pandemic and the institution of a “skinny” first quarter budget, the economists were instructed by state leaders to take an extra month. The E-Board is comprised of the governor and the heads of the four “money” committees in the Legislature.Carr said that even with the extra month, “There is no less uncertainty.”The economists stated that while revenue expectations are slightly higher than prior June estimates, the potential losses remain massive: About $182.4 million in the General Fund in FY21 and $100 million in FY22, about $29.3 million in the Transportation Fund in FY21 and $15 million in FY22, and Education Fund losses of about $62.7 million in FY21 and $40 million in FY22.There are about 40,000 Vermonters still receiving unemployment insurance.And the COVID-19 pandemic (the disease caused by the SARS-CoV-2 virus) creates both health and economic uncertainty.Although Russia announced a vaccine yesterday and “warp speed” development efforts are under way in many countries, there is still no firm date that a safe, fully-tested vaccine may be widely available.Viral uncertainty represents the largest single risk to the forecasts herein. Given its central link to economic conditions, Kavet said, “We are constantly tracking the best available information about the virus and the COVID-19 disease it engenders with State officials and other experts and linking this information to potential economic and revenue impacts as we learn more.”Vermont has arguably done better than any other state in the nation in controlling the disease to date. Following a brief initial surge in cases coincident with a regional New York and New England outbreak, new confirmed infections, hospitalizations and deaths per capita are now all the lowest or among the lowest in the nation.This is attributable in part to the exceptional social compliance with the state shutdown directives, as measured by mobility data during the period from late March through early May and acceptance of science-based guidance from State leadership. Unlike many other states, the measured reopening of the economy in Vermont has not caused a rise in any of the critical COVID metrics to date.This good fortune has prompted many second homeowners to “socially distance” in Vermont since March and some to stay as “residents” – at least for the time being. It has also caused a surge in real estate sales from out-of-state buyers seeking a safe haven from more urban areas in which socially distancing is more difficult. This will add to the steadily strengthening residential real estate market in Vermont – and related property transfer tax revenues, as well as personal income and other tax revenues from both residents and non-residents working from Vermont.The state’s stellar health status, however, is highly vulnerable, given the increasing regional flows of people and business across state lines.With schools and colleges reopening, tourism attempting a gradual resumption of commerce and the perceived safety of vehicular over air travel, there will be increasing inter-state flows and our health statistics are likely to more closely resemble the region at some point in the future. It would only take a few outbreaks to completely change this positive narrative and with the amplification of the national press, cast the state in a very different light.Until there is a widely available vaccine, it is likely that there will need to be varying containment measures taken at selected geographic levels within the State as new outbreaks occur. This, in turn, could affect economic activity across a wide range of sectors.The economists fear “the dreaded double-dip recession” if health and therefore economic conditions do not improve.Vermont, and every state, is in need of federal funding to shore up state and local government budgets.Federal Fiscal and Monetary Policy IssuesFederal fiscal and monetary policy have responded with extraordinary speed and magnitude in attempting to offset the negative economic and health impacts the virus has precipitated. More than $4 trillion in federal spending (and more, depending upon how some Federal Reserve actions are quantified) has been unleashed, with a share disproportionate to our population landing in Vermont.With about $1.2B in PPP aid, $1.25B in CARES Act funding, more than $625M in supplemental unemployment assistance, and about half a billion in direct cash payments, the State has experienced its largest inflow of federal transfer payments ever. The effects of this have been myriad and are still playing out, but include critical basic needs income for those unemployed, much higher savings rates, diminished credit card debt and defaults, increased spending on motor vehicles, home improvements, electronics and internet connectivity, internet-based vendors of all kinds, and grocery store purchases (both taxable and otherwise).While the unemployment benefits and significant portions of the CARES Act aid were clearly targeted to those most in need, the PPP funds and direct cash payments were not – with a low bar to qualify for PPP funds and none for direct cash payments. This resulted in many businesses most in need (especially in the restaurant, retail and lodging sectors) not receiving PPP funds and others qualifying despite being minimally impacted.The beneficial impacts from these programs will linger in some sectors, but will dissipate quickly among those most in need. Accordingly, there have been measures offered in Congress regarding further funding since mid-May, but nothing enacted. With an election looming in November and prior congressional compromises on this issue, most expected agreement on a new round of funding prior to the expiration of the supplemental unemployment insurance payments on July 31. Instead, much less impactful Presidential executive orders were issued and congressional agreement on additional funding is now in question. Without significant further federal action, a second recessionary decline is probable.The uncertainty surrounding future federal fiscal policy – including who is elected President in November – is another critical component of the uncertainty in the economic and revenue forecasts herein.Revenue Review• Changes in total revenue by fund groupings and year between the current August 2020 forecast and the prior January 2020 forecast are outlined below. Every major revenue category is at risk for substantial decline in FY21 and FY22 relative to prior forecasts, due to pandemic-related impacts. Across all three major funds, FY21 losses could approach $275M and about $160M in FY22.• Personal Income tax revenue had a stellar year in FY20, benefitting from several enormous tax events and a strong economy in tax year 2019. Deferred filings recorded in July exceeded all expectations and closed the year about $30 million above target. This strength, however, is backward looking, with tax year 2020 likely to generate significantly less taxable income. FY21 PI revenues are expected to drop by double digits, but will post a slightly smaller percentage loss (-9.7%) due to a large internal transfer from Corporate to PI of about $40M expected in August associated with activity in FY20.• This same transfer will exaggerate the reported decline in Corporate tax revenues in FY21 (-68%), with an adjusted decline of about 20%, as corporate balance sheets in the most highly affected industries bleed red ink and others close. Despite some corporate winners in this environment, many large corporate taxpayers have experienced large production reductions, reduced global demand and higher expenses involved in protecting workers and customers. Few other revenue categories are capable of such drastic year to year revenue swings, as carry-forwards dry up estimated payments, and refunding abounds during fiscal year filing periods.• Sales and Use tax revenues benefitted from the vast federal transfer payments to the State in the fourth quarter of FY21, but still closed the year about $9M below target. New revenues from internet retailers associated with the Wayfair decision (including Amazon affiliates), however, contributed more than $35M, leaving FY20 4.8% above FY19 levels. The pandemic underscores the huge and growing benefit in having virtually all internet sales as a part of the S&U tax base. Internet sales now represent more than 11% of all S&U revenues, with huge gains in the fourth quarter of FY20. Although total revenues are expected to drop 3.6% in FY21, internet sales will continue to grow dramatically in this environment.• Meals & Rooms revenues have and will experience the most pronounced and lasting impacts from the COVID crisis. Seasonally adjusted M&R revenues dipped below $115M (at annual rates) in both May and June, closing the year more than 18% below January projections and 10% below FY19 (on a comparable adjusted base). FY21 will show further losses as no quick recovery is likely, despite State reopening policies, until all visitors – including the critical older demographic cohort – feel safe traveling again.• Cigarette and Tobacco tax revenue was unaffected by the pandemic – and the vaping tax yielded more than four times the revenue expected, generating about $3.5M in FY20. This good/bad news, along with little visible sales impact from the higher legal purchasing age, will raise projected revenues slightly over the entire forecast horizon.• Transportation Fund revenues experienced across the board declines in FY20, as both local and tourist travel dwindled in the fourth quarter of the fiscal year. FY20 Gasoline revenues plunged almost 9% below FY19 levels as both price and demand declines converged. A continuation of these conditions through much of FY21 will lead to further declines of about 4% before recovering some ground in FY22. Diesel revenues dropped 3.5% in FY20 and will probably register slight declines in FY21 as overall economic activity slows.Motor Vehicle Purchase and Use revenues declined 5.7% from FY19, despite a solid sales month in June and a very strong July 2020. The temporary federal transfer payments have boosted a wide range of large consumer purchases, but this support will likely dissipate in favor of more targeted assistance in FY21. An FY20 depositing error about $1.3M in civil fine revenue that should have been in the T-Fund Other Revenue category but ended up in G-Fund Fines, overstates the FY20 Other Revenue decline by about 4 percentage points and is the only reason FY22 shows growth.Sources: Economic & Policy Resources, Williston; Kavet & Rockler, Brookfield. 8.12.2020last_img read more

CO-OP Financial Services, Visa forge EMV agreement

first_imgThrough an agreement with Visa, Co-op Financial Services will make the Visa EMV common debit solution available to its credit union clients. The long-term agreement facilitates the development of regulation-compliant debit EMV solutions using a common AID.The Visa EMV solution provides portability for debit card issuers, and network routing choices for merchants and ATM acquirers. It also supports all transaction types, including contact and contactless.“This is a major advance in adoption of the EMV standard for debit card transactions in the United States, providing a clearer migration path to EMV for our debit issuers and ATM owners,” said Stan Hollen, president and CEO of Co-op Financial Services. “Co-op has been working hard to move the payments industry to an EMV common debit solution, both independently and through our participation in the Debit Network Alliance.”Co-op helped found DNA in December 2013, and will continue to play a key role in its activities, the release said. Michelle Thornton, manager of core products at Co-op, is a member of the DNA board of directors. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more